Global Interactive Technologies, Inc.
For the period ended Dec 31, 2024. Filed Apr 30, 2025.
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FY2024 · Filed Apr 30, 2025
GITS$1.53-1.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of Cash Flows
For the Years December 31, 2024 and 2023
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income(loss) from continuing operations | $(4,783,651) | $(1,851,332) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation | 6,352 | 9,183 |
| Gain on disposal of subsidiary | (12,400,373) | — |
| Bad-debt expense of other assets | 16,179,823 | — |
| Loss on disposal of tangible assets | 23,937 | — |
| Impairment loss on intangible assets | 94,264 | — |
| Changes in operating assets and liabilities: | ||
| Non-trade receivable | 2,170 | — |
| Prepaid expenses and other current assets | (357) | (739) |
| Other assets | 414,610 | — |
| Accrued expenses and other current liabilities | 6,812 | — |
| Net cash used in operating activities of continuing operations | (456,413) | (1,842,888) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Receipt from collection of short-term loan receivable | 84,154 | 11,988 |
| Payment for short-term loan receivable | (14,103) | (6,037,561) |
| Disposal of property and equipment | 84,097 | — |
| Purchase of property and equipment | — | (131,692) |
| Net cash provided by/(used in) investing activities of continuing operations | 154,148 | (6,157,265) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from short-term loan payable | 10,264 | 505 |
| Proceeds from short-term loan payable from related parties | 364,172 | — |
| Proceeds from exercising warrants | — | 420,000 |
| Net proceeds from IPO | — | 7,708,016 |
| Repayment of short-term loan payable | (2,933) | (505) |
| Repayment of short-term loan payable from related parties | (3,351) | — |
| Net cash provided by financing activities of continuing operations | 368,152 | 8,128,016 |
| Net change in cash – continued operations | 65,887 | 127,863 |
| Cash from discontinued operations: | ||
| Net cash used in operating activities of discontinued operations | (1,222,364) | (13,851,297) |
| Net cash (used in) provided by investing activities of discontinued operations | (5,235,253) | 2,161,641) |
| Net cash (used in) provided by financing activities of discontinued operations | 311,413 | 16,718,667 |
| Net change in cash – discontinued operations | (6,146,204) | 5,029,011) |
| Cash beginning of the year- continued operations | 69,688 | 8,343 |
| Cash beginning of the year - discontinued operations | 5,358,142 | 110,615 |
| Beginning cash | 5,427,830 | 118,958 |
| Cash end of the year – continued operations | 2,352 | 69,688 |
| Cash end of the year - discontinued operations | 1,408 | 5,358,142 |
| Ending cash | 3,760 | 5,427,830 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (6,080,317) | 5,156,874) |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 656,247 | 151,998) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 5,427,830 | 118,958 |
| CASH AND CASH EQUIVALENTS AT END OF THE YEAR | $3,760 | $5,427,830 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
| Cash receipt (paid) for interest – all operations | $63 | 70,122) |
| Less Cash receipt for interest - discontinued operations | $63 | 4 |
| Cash receipt (paid) for interest – continued operations | $— | $70,118) |
| Cash receipt (paid) during the period for interest | $63 | $70,122) |
| Supplemental disclosure of non-cash investing and financing activities: | — | — |
For the Years Ended December 31, 2024 and 2023
| 2024 | 2023 | |
|---|---|---|
| NET LOSS | $(6,171,969) | $(9,407,635) |
| Other comprehensive income (loss): | ||
| Change in foreign currency translation adjustment | (1,160,412) | (385,478) |
| Change in foreign currency translation adjustment to attributable to noncontrolling interest | — | 357,891 |
| COMPREHENSIVE LOSS | $(7,332,381) | $(9,435,222) |
| Less : Comprehensive Income/(Loss) attributable to noncontrolling interest | — | (236,166) |
| Comprehensive Income(Loss) attributable to the Company | (7,332,381) | (9,199,056) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.